Bitcoin price dropped below $22,500 from $23,400 in minutes following the Silvergate fiasco. Major exchanges stopped dealing with the crypto-friendly bank that created huge FUD within the space.
As a result, massive liquidations were recorded in the early trading hours. While the market participants have become extremely bearish on Bitcoin, some chances of a rebound may be expected in the coming days.
Coinpedia reported earlier that Bitcoin price experienced a ‘Golden Cross’ event during the previous month, but woefully, the price remained largely unaffected as the very first weekly death cross was on the cards. However, another opportunity for the price to break out of bearish captivity and rise high has presented itself.
On February 7, 2023, a golden cross occurred on the daily timeframe in the spot market, resulting in a significant failure of the bullish signal. A similar event, however, is about to occur in the future price chart, which may offer a nice upward movement.
CME Group, commonly known as the Chicago Mercantile Exchange, which began to offer the very first BTC futures, is flashing massive buy signals.
A Golden Cross, where-in a cross over of 50-day & 200-day MA levels undergoes a crossover, is believed to occur in a short while from now.
In the past, the early signals of a breakout have been false; therefore, other signals like gaps and the filling of them could be quite evident.
Will the upcoming Golden Cross confirm the bullish signals? Stay tuned with Coinpedia for updates on this event!
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